Silent Eight a global technology company that helps combat money laundering and terrorism financing using Artificial Intelligence raised $8.8M from a series B round. The round had OTB ventures being the lead investors along with other investors SC Inventors and Boon Hwee Koh. This funding raised the total funding of the company to $15M through venture capital led investments.
About Silent Eight
With the world of fintech rising daily with its innovative solutions and accessible reach of technology to a greater mass of people, there are still problems that co-exist with these solutions. The problems of Money laundering and terrorist financing. The founders at Silent Eight understood the severity of this problem and developed innovative solutions to combat these kinds of problems. These problems are hindering the world’s economic development and also preventing the exploitation of the poor who are easily profited off in these kinds of situations and this led to the founding of the company in the year 2013.
The company’s solution is multi-linguistic allowing a full scan of all the names and entities present in the database. Their Artificial Intelligence based solutions help to make the transaction and screening processes transparent. Today solutions provided by Silent Eight are used by Tier 1 banks and financial institutions in over 70 markets.
Future Plans
In the aftermath of COVID-19, where most of the financial institutions are operating from home, there can be an increase in Cybercrime. Financial Institutions are in the search of solutions that can serve modern-day problems by using advanced technologies. With the funding, Silent eight wants to scale up its solutions to reach more customers. Silent Eight has also launched an on-demand cloud-based AI solution to enable continuous real-time data.
With the world shifting towards the world of technology, the prevailing problems of political corruption, human trafficking, and terrorism remain to be one of the most difficult problems to be solved. These organizations can sustain themselves only if there is a good amount of monetary support backing them up. With Silent Eight making constructive efforts to trace any kind of these suspicious transactions and hence making a move towards a better world!
